eBay launched what it has dubbed the first-ever virtual reality department store in partnership with Australian department store Myer, reports eCommerce Bytes.

eBay Australia is currently selling special VR headsets called "shopticals" to browse over 12,000 items from Myer department stores on their smartphones. Shoppers can even add items to their shopping carts for purchasing via the shopticals.

Here's a breakdown of how eBay explains shopping on the VR department store:

Personalize: the shopper selects their areas of interest at the beginning of the experience and the store is custom built around these needs, making the most relevant products visible first. As shoppers move through the store, the smart technology suggests other products that might be desirable or interesting, based on what the store knows about them.

Browse: using eBay Sight Search, the shopper views a product in the store and by holding their gaze on it, the product is selected and automatically floats towards them, with the top 100 products available to view in 3D, and more than 12,500 in 2D. The shopper is able to quickly move through different departments of the store, making the shopping experience much more time effective for today's busy consumer.

Research: shoppers simply lock eyes on information icons to receive full product specifications, as well as price, availability and shipping details.

Purchase: shoppers just hold their eyes on the "Add to Basket" icon to complete their purchases via the eBay app.

eBay may be the first e-commerce company to open a VR marketplace, but we expect this technology to take off within the market as more shopping tools become available. In fact, more than one in every three US consumers say they would be open to purchasing more online if virtual reality gives them a more realistic feel of the product remotely, according to a survey from Walker Sands.

As VR technology gets better, it has the potential to change the e-commerce experience completely and drive down in-store foot traffic even further.

BI Intelligence, Business Insider's premium research service, has compiled a detailed report on virtual reality hardware that provides proprietary forecasts for VR headset shipments and revenue and estimates average selling price over the next five years. The report also takes a look at the different types of VR headset technology now on the market, discusses which categories will win out, and looks at several use cases for VR headsets, including gaming and other.

Here are some key points from the report:

Virtual Reality (VR) headsets are debuting on the consumer market and set to launch an advanced and immersive content platform. We estimate shipments of VR headsets will grow at a swift 99% compound annual growth rate between 2015 and 2020.

VR shipments will create a $2.8 billion hardware market by 2020, up from an estimated $37 million market this year.

VR headsets are a fairly low-cost consumer electronics category, and this will help drive adoption. The devices will be priced similarly to smartwatches and also need to pair with another standalone computing device.

Demand for VR headsets will be fueled by gaming on both mobile and console devices. There are 1.2 billion gamers worldwide, including nearly 1 billion mobile gamers alone. This creates a direct, addressable market for VR headsets.

Beyond gaming, VR will be an important platform for streaming content and even shopping. Oculus has already experimented with Story Studio, a platform for VR movie creation. In addition, many consumers claim the VR experience will drive them to shop more online rather than in stores.

In full, the report:

Forecasts annual shipments of VR headsets between 2015 and 2020.

Sizes the market for VR headset shipments by revenue and anticipates how the VR headset average selling price will trend.

Pinpoints the gaming console market as a key driver of demand for VR headsets.

Discusses the opportunity for VR content creation in gaming, streaming video, and shopping.

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